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GEORGE TOWN, Cayman Islands, March 16 (Reuters) - The Ritz-Carlton luxury resort and high-end residential developments in the Cayman Islands were placed into receivership this week because of an outstanding $250 million loan.

RC Cayman Holdings LLC, which is registered in Delaware, appointed KPMG (Cayman) as the receiver of the group of four companies, which had developed and owned the five-star hotel and residential developments, effectively wresting control from its chairman and chief executive, Michael Ryan.

The 365-room oceanfront Ritz-Carlton opened on Grand Cayman Island in 2005 and was the first and only five-star hotel in the British Caribbean territory.

In the last several months, Ryan had been trying to renegotiate $7.5 million in deferred import duties owed to the Cayman government as part of its discussions with its primary lender, RC Cayman Holdings, according to correspondence with the Financial Secretary released under a Freedom of Information request.

Ryan blamed the global economic downturn and escalating construction costs in the Cayman Islands as the driving factors for his inability to meet his obligations.

"We are now operating in an extremely difficult economic environment," Ryan said in a January letter.

The receivership appointment followed a civil suit filed by RC Cayman Holdings in the Grand Court last month seeking an injunction against Ryan's executive team.

KPMG joint receiver Keith Blake said the receivership was a "private contractual matter" independent of the courts but would not elaborate.

While Ryan's companies own the 144-acre property, The Ritz-Carlton Hotel Co. manages the resort operations and would not be affected by the receivership, according to a KPMG statement.

In the last year, Ryan has laid off a significant number of staff as cash flow continues to stall his new Dragon Bay property, an upscale residential development on Grand Cayman targeting millionaires.

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Cayman Islands Ritz-Carlton placed in receivership

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Tweak in tax residence certificate, GAAR can narrow inflows

March 16, 2012:

Provisions in the Budget can have serious implications for flow of foreign institutional investor funds in to India.

The change in stance with relation to Tax Residency Certificate (TRC) and providing for General Anti Avoidance Rule (GAAR) in the Income Tax Act may both impede the flow of money camouflaged as FII funds into the Indian market through tax havens.

It is no secret that a large portion of FIIs investing in to India are domiciled in Mauritius. The double taxation avoidance agreement (DTAA) that India has signed with Mauritius enables tax on securities transaction to be taxed in the country where the company is resident. Since capital gains tax rate in Mauritius is zero, foreign investors buying or selling Indian stocks through the Mauritius route get away by paying no capital gains tax.

The TRC issued by Mauritian government forms the basis for judging if a company could avail itself of the benefits of DTAA with Mauritius. The criteria that Mauritian government applies for issuing these certificates are fairly lax, resulting many shell companies availing themselves benefits under this treaty.

The Budget lays down that submission of Tax Residency Certificate is necessary but not sufficient for availing benefits under these treaties. This could spell trouble for FII money coming in from tax havens as it gives the tax authorities the power to overlook the tax residency certificate and demand further proof of commercial substance.

Implementing General Anti-Avoidance Rule (GAAR) in this Budget can also impact some FIIs investing in India through tax havens. Tax authorities will now impose GAAR on arrangements that lack commercial substance or are carried out in a manner which is normally not employed for bonafide purpose. The budget document goes on to say that an arrangement will be deemed to lack commercial substance if it includes round trip financing.

While genuine foreign investors will not be impacted by the change in TRC or GAAR, the flow of illegitimate or black money in to stocks through such conduits will be seriously deterred if not stopped, with the threat of tax-men going after these entities.

lokeshwarri_sk@thehindu.co.in

Excerpt from:
FII flows from tax havens may be impacted

By Sally Bakewell - Fri Mar 16 15:54:57 GMT 2012

Bard Holding GmbH, a German company that helped pioneer deep water wind-farms, expects talks on its takeover by several companies to close within about 12 weeks.

Bard is discussing the sale with a couple of companies, Axel Bahr, a spokesman, said by phone, declining to name them because talks are continuing. Bard anticipates indicative offers at end-March and completion in 6 to 12 weeks, he said.

The company is developing the 400-megawatt Bard Offshore 1 wind farm in the German North Sea about 100 kilometers (62 miles) from Borkum island, scheduled to be completed by next year or 2014. Bard has permission to build another 80 turbines in nearby waters about 40 meters (130 feet) deep.

Cost and technical challenges from developing wind turbines far at sea, among the most expensive of renewable technologies, led to financial pressure for Emden-based Bard, Bahr said.

The company suffered delays installing the machines and ran short of money, pushing the project with an expected capacity to power 400,000 homes about two years behind schedule, Bahr said.

Bard in September said it had begun seeking a strategic investor and appointed JPMorgan Chase & Co. (JPM)s investment banking arm to sell a 87.5 percent stake. Daewoo Shipbuilding & Marine Engineering Co., Ltd. (042660) said in November it was interested.

While the shipbuilder is still studying it, there is no specific matter in progress at the moment, it said in an e- mailed reply to questions. JPMorgan Chase & Co wouldnt comment.

UniCredit Bank AG (HVM), which provided about 1.74 billion euros ($2.3 billion) for the wind park from 2007 to 2010, agreed to give a further 1.17 billion euros in August 2011, on the basis of various technical and legal reports by external consultants stating that the project was feasible, the bank said.

The 2.9 billion euros of UniCredit funds would allow the park to be finished, the bank said in a statement on its website this year. UniCredit declined to comment when Bloomberg called.

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German Offshore Wind Pioneer Bard Sees Takeover Within 12 Weeks

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